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Undercover Economist

Undercover Economist - Undercover Economist Stakes in...

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Undercover Economist: Stakes in kidneys By Tim Harford Published: July 13 2007 08:56 | Last updated: July 13 2007 08:56 Economics is all about realising gains from trade, but sometimes our qualms get in the way. For example, most of us have a spare kidney that – since kidneys tend to fail in pairs – is not terribly useful to us. A few – over 6,300 on the UK waiting list – could have their lives transformed if they could get hold of a compatible kidney. The few have so much to gain; the rest of us, not that much to lose. Donating a kidney is not risk-free: it kills three out of 10,000 donors, which is three times the death rate from pregnancy. The logic of economics is that there is a cash price at which both donor and recipient would walk away smiling. Of course, it isn’t legal to complete this transaction – unless you happen to live in Iran, where recipients are allowed to provide cash compensation to donors. From a utilitarian cost-benefit viewpoint, the prohibition doesn’t make much sense. But then, neither did the outrage over the
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